ARS Pharmaceuticals (NASDAQ:SPRY) Shares Down 11.5% – Here’s What Happened

ARS Pharmaceuticals, Inc. (NASDAQ:SPRY)’s share price traded down 11.5% during mid-day trading on Friday . The stock traded as low as $12.30 and last traded at $12.66. 592,685 shares traded hands during trading, a decline of 43% from the average session volume of 1,035,771 shares. The stock had previously closed at $14.31.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on the stock. William Blair reiterated an “outperform” rating on shares of ARS Pharmaceuticals in a research report on Monday, March 3rd. Raymond James boosted their price target on shares of ARS Pharmaceuticals from $26.00 to $28.00 and gave the stock a “strong-buy” rating in a research report on Tuesday, January 14th. Oppenheimer started coverage on shares of ARS Pharmaceuticals in a research report on Monday, February 10th. They issued an “outperform” rating and a $40.00 price target on the stock. Scotiabank started coverage on shares of ARS Pharmaceuticals in a research report on Friday, March 7th. They issued a “sector outperform” rating and a $30.00 price target on the stock. Finally, Leerink Partners boosted their price target on shares of ARS Pharmaceuticals from $26.00 to $27.00 and gave the stock an “outperform” rating in a research report on Monday, January 13th. Five investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Buy” and an average price target of $31.00.

ARS Pharmaceuticals Stock Down 10.9 %

The firm’s 50 day simple moving average is $12.04 and its 200 day simple moving average is $13.04. The company has a market capitalization of $1.24 billion, a PE ratio of -25.13 and a beta of 1.03.

ARS Pharmaceuticals (NASDAQ:SPRY) last posted its quarterly earnings data on Thursday, March 20th. The company reported $0.52 EPS for the quarter, topping the consensus estimate of ($0.04) by $0.56. The firm had revenue of $86.58 million for the quarter, compared to analysts’ expectations of $15.46 million. As a group, sell-side analysts predict that ARS Pharmaceuticals, Inc. will post -0.55 EPS for the current fiscal year.

Insider Buying and Selling

In other news, Director Laura Shawver sold 50,000 shares of the firm’s stock in a transaction dated Monday, February 3rd. The shares were sold at an average price of $12.31, for a total value of $615,500.00. Following the sale, the director now directly owns 210,346 shares in the company, valued at approximately $2,589,359.26. This trade represents a 19.21 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders sold a total of 149,600 shares of company stock valued at $1,726,516 over the last three months. 40.10% of the stock is owned by company insiders.

Institutional Trading of ARS Pharmaceuticals

Institutional investors have recently modified their holdings of the company. Connor Clark & Lunn Investment Management Ltd. purchased a new position in shares of ARS Pharmaceuticals in the 3rd quarter valued at approximately $1,120,000. Intech Investment Management LLC purchased a new position in shares of ARS Pharmaceuticals in the 3rd quarter valued at approximately $239,000. Charles Schwab Investment Management Inc. raised its position in shares of ARS Pharmaceuticals by 2.0% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 423,947 shares of the company’s stock valued at $6,147,000 after purchasing an additional 8,417 shares during the last quarter. The Manufacturers Life Insurance Company raised its position in shares of ARS Pharmaceuticals by 121.1% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 46,854 shares of the company’s stock valued at $679,000 after purchasing an additional 25,658 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in shares of ARS Pharmaceuticals by 766.1% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 234,537 shares of the company’s stock valued at $3,401,000 after purchasing an additional 207,456 shares during the last quarter. 68.16% of the stock is currently owned by institutional investors.

About ARS Pharmaceuticals

ARS Pharmaceuticals, Inc, a biopharmaceutical company, develops treatments for severe allergic reactions. The company is developing neffy, a needle-free and low-dose intranasal epinephrine nasal spray for the emergency treatment of Type I allergic reactions, including anaphylaxis. It serves healthcare professionals, patients, and caregivers.